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Last year, Apple announced it planned to add a savings account feature to its Apple Card offering. And on Monday, the iPhone maker announced Apple Card users will soon see the option to sign up for an Apple Cash Savings account.
Once you’ve signed up, all of the Daily Cash rewards you earn with every Apple Card purchase are automatically deposited into the Savings account, which has a 4.15% annual percentage yield. You can change the destination of your Daily Cash deposits in the Wallet app at any time.
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You can also add money to the Savings account by depositing funds directly from your linked bank account. Or, if you already have a Cash balance, you can move that into the Savings account. Apple isn’t collecting any fees, nor is it requiring any sort of minimum deposits or balance.
How to sign up for Apple Cash Savings
I’ve been a longtime Apple Card and Apple Cash user, so it only makes sense for me to sign up for the Savings account.
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I’d imagine there’ll be a signup alert in the Wallet app at some point, but I was able to sign up for the Savings account by opening the Wallet app, selecting my Apple Card, then tapping on the three-dot menu icon in the top-right corner. From there, I selected Daily Cash. And then under the Daily Cash Election section, I had a new Savings option with Set Up next to it.
From there, I followed the prompts. I had to enter my full Social Security number, agree to the account terms and conditions, and then indicate whether I’ve ever been informed by the IRS that I’m subject to backup withholding.
About 10 seconds later, my Savings account was open. If you share an Apple Card account with a loved one, you already earn your own Daily Cash rewards, and the same approach applies to Savings. You can sign up for a Savings account, and the account co-owner won’t be affected.
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Going forward, any Daily Cash rewards will automatically go to the Savings account. However, if I view my Daily Cash settings, I can switch the deposit option to my Cash card.
Do you plan on signing up for Apple’s new Savings account? Let me know why or why not in the comments.
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